Royal Bank of Scotland - "Sell GBP/USD, targeting 1.5050. stop 1.6640. Spot ref 1.6117GBP benefited from its “relative” safe haven status from the Euro area stresses in 2012. The rebalancing of the economy has been significantly slower than expected and twin fiscal and current account deficits appear to present significant challenges to that safe haven status over the coming quarters. While the US has its own fiscal problems, current account dynamics are considerably better. The credit transmission mechanism in the US is working far more effectively than it is in the UK. We see this as a key currency differentiator in 2013. Growth dynamics remain strongly in the dollar’s favour."